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Archive: August, 2014

Posts in August, 2014

Accounting Treatment of Expenditure Incurred on Stamp Duty and Registration Fees for Increase in Authorized Capital

August 8, 2014 36328 Views 0 comment Print

Issue – The company is a registered non-banking financial company and is engaged in the business of lending for purchase of equipments. The company has received share application money and to allot further equity shares, the shareholders of the company have approved increase in authorized share capital. The company has incurred an expenditure toward stamp […]

Your Rights as a Taxpayer in America

August 8, 2014 3075 Views 0 comment Print

The Internal Revenue Service, USA  on 10th June 2014  unveiled a ‘Taxpayers’ Bill of Rights’ that groups together the existing rights of taxpayers of America into  10 broad categories, which are as follows :- The Taxpayer Bill of Rights This publication explains your rights as a taxpayer in America . 1. The Right to Be […]

Empanelment with SBI for Concurrent Audit in Maharashtra and Goa

August 8, 2014 1763 Views 0 comment Print

Applications are invited from partnership Firms of Chartered Accountants of RBI Grade 2/3 situated in the state of Maharashtra & Goa for carrying out Concurrent Audit on full time contractual basis (renewal every year at Bank’s discretion, at its selected branches / Credit Processing Centres (CPC) situated in the state of Maharashtra and Goa.

Service tax on Banks and Financial Institutions – A Synopsis

August 8, 2014 21632 Views 1 comment Print

Services provided by banks The banking sector is not merely an agent who accepts deposits and lends money. They provide a host of other functions like paying cheques drawn on customers account, collecting cheques deposited on customers account, enabling payments to customers via telegraphic transfer, automated clearing house, electronic transfer, etc, providing locker facilities, following […]

Procedure for Appointment Of MD For Private Limited Company

August 8, 2014 163853 Views 27 comments Print

Procedure & Requirement Of Appointment Of Managing Director (MD) For Private Limited Company. Appointment of Managing Director, Whole- Time Director OR Manager (Section: 196):

Review of SIONs A-1443, A-1170, A-3627 and K-134

August 7, 2014 739 Views 0 comment Print

Manufacturers of export products covered under SIONs A-1 170, A-3627 , K-134 and SION A-1443 (instead of SION A-1143 mentioned in PN 30 dated 4.10.13), and the concerned Export Promotion Councils/Associations are requested to submit production and consumption data for further review of these SIONs as soon as possible but not later than Wednesday, the 27th of August, 2014. Failure to provide the data, so required by the specified date would result in stoppage of the benefit of Advance Authorization / DFIA for export products covered by these SIONs and the SIONs would be modified based on available data.

ICAI to declare CA Final Result for MAY 14 exams today

August 7, 2014 9407 Views 0 comment Print

The result of the Chartered Accountants Final Examination held in May/June, 2014 is likely to be declared today on Friday, the 8th August, 2014 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance […]

The Top 3 Ways in Which Your Bank Helps You

August 7, 2014 5032 Views 0 comment Print

It’s 9 am, and Amar realises he has to deposit a cheque that his previous company has given him. Not only that, he is late for an important client meeting and he has just missed the last direct bus to office. Not to mention, he intended to transfer the amount to his parents as soon […]

Service tax Implications on Land Development Agreement

August 7, 2014 43901 Views 29 comments Print

What is a Land Development Agreement Land Development Agreement also known as Joint Development Agreement is one of the arrangements commonly resorted to by the builders/developers nowadays to develop and sell properties. There are two parties to this agreement, a Land owner and a Builder. It is sometimes also a tripartite agreement between the land […]

No Service Tax Audit by Department or CAG

August 7, 2014 14982 Views 3 comments Print

The Petitioner contended that an assessing officer can call for records in respect of any period during which the Department seeks to intensively scrutinize receipts, etc., i.e. under a Special Audit under Section 72A of the Finance Act. It was further argued by the Petitioner that the Finance Act does not contain any substantive power to call for records for scrutiny as is permissible under Rule 5A(2) of the Service Tax Rules or for the purpose of scrutiny by any authority outside of those created under the Finance Act, such as the Comptroller and Auditor General’s office.

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